Big projects at Waterfall City

R2BN: FOR APARTMENTS, HOTEL AND OFFICES

higher density residential towers going beyond 10 floors within Waterfall City.”

Regarding an Atria joint venture development with Barrow Properties, Hamman says construction has already begun on a super-basement for the R750 million mixed-use project. This development will include a high-rise, four-star hotel and prime-grade office blocks.

“The Atria is a 33 150m2 development that will include four office buildings and a new 10-floor hotel.

“Plans for the hotel are being finalised and we want it to be an upmarket four-star establishment with around 180 rooms.”

The neighbouring 1.8ha site has been earmarked for high-rise residential development as part of a separate R1.2 billion Ellipse Waterfall project with Tricolt.

Hamman and Barrow Properties’ Paul Barrow would not comment on which hotel operators they were talking to for Waterfall City’s hotel.

Negotiations with major local and international hotel brands are underway and they expect it to open by 2021.

“While our preference is to lease the hotel, we could develop to sell it.

“The new hotel within the Atria development will be our second hotel at Waterfall City, following the City Lodge Hotel that opened a few years ago.

“Attacq plans to have around four major hotels at Waterfall City once the overall development is complete,” said Hamman.

Platinum Gold Hospitality chief executive Joop Demes says while Waterfall is a growing area, the Johannesburg hotel market has seen lower occupancies in the past year due to poor SA economic conditions.

“Right now is not the best time to open a new hotel in Joburg due to lower occupancies.

“However, I suppose by 2021, market conditions could be different.”